Commerzbank Granted Crypto Custody License: A Landmark Moment for German Banking

In a groundbreaking development, Commerzbank has become the first major full-service commercial bank in Germany to secure a license for crypto custody services. This move marks a significant shift in the German financial landscape, signaling increased acceptance of digital assets within traditional banking institutions.

The German Federal Financial Supervisory Authority (BaFin) has granted Commerzbank a licence for the custody of crypto assets. This allows Germany's fourth largest bank to securely manage and store cryptocurrencies for its clients. Commerzbank is the first German full-service bank to be granted the Crypto Custody Licence pursuant to Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG). The licence will enable the bank to offer a wider range of digital asset services.

The newly acquired license empowers Commerzbank to forge ahead in establishing a comprehensive range of digital asset services, with a specific emphasis on providing secure and compliant crypto custody solutions. This positions Commerzbank as a leader in the evolving world of digital finance and underscores its commitment to meeting the growing demand for cryptocurrency services among its customers.